Heads of the International Monetary Fund (IMF), World Bank (WB) and the World Trade Organisation (WTO) spoke highly of China’s continuous commitment to reform and opening up on Monday, as they attended the inaugural import expo held in Shanghai.

The expo, the first China International Import Expo (CIIE) on November 5-10, has attracted more than 3,600 companies from 172 countries, regions and international organisations to showcase their achievements and to look for more opportunities for international cooperation.

While delivering a keynote speech at the opening ceremony of the CIIE, Chinese President Xi Jinping said that the event is “a major policy for China to push for a new round of high-level opening-up and a major measure for China to take the initiative to open its market to the world.”

He also called for joint efforts to build an open world economy. “All countries should be committed to opening up and oppose protectionism and unilateralism in a clear-cut stand,” Xi stressed.

In her remarks, IMF chief Christine Lagarde hailed China’s efforts in connecting with the world and making common prosperity possible.

She associated the Lupu Bridge she crossed the previous night in the coastal city of Shanghai with three other “bridges” which China has either constructed or is currently underway.

The first, Lagarde said, was the “bridge to the world” that China started to build 40 years ago. It was constructed by opening its economy and by kick starting reforms which later “changed the lives and prospects of hundreds of millions of people — here and beyond China.”

By trade, hard work and learning from others, China has helped transform the global economy, said Lagarde, adding that progress in China has played a significant role in boosting productivity, innovation and inadvertently raising the living standards of countries around the globe.

Now, she continued, China is building a “bridge to prosperity” by rebalancing its economy towards consumption-led growth, rather than one based on exports or an investment-led one.

This transition, symbolised by the CIIE, is good for China, especially in terms of the rising standards of living for the Chinese. It is also good for the world, including all those who consider China as a vital and vibrant market for their goods and services, said the IMF chief. -Xinhua